Rental markets tightened across Canada in 2022: CMHC
BNN Bloomberg
Canada’s rental housing market tightened last year amid surging demand that outpaced supply, even as many large cities added units, a new report from the Canada Mortgage and Housing Corporation (CMHC) has found.
The national vacancy rate for purpose-built rental apartments dropped to 1.9 per cent in 2022 from 3.1 per cent a year earlier, according to the CMHC’s Rental Market Report – the lowest level recorded since 2001.
The report said higher migration and rising home ownership costs drove up demand, while higher mortgage rates made it more challenging for renters to consider home ownership.
Affordability has been a challenge for renters, said CMHC chief economist Bob Dugan, particularly for people with lower incomes who have few options available within their price range.
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